Beware-New Heinous Sales Tactics

We all know that consumers must be cautious during a timeshare sales pitch. Actually, consumers must remain cautious during any transaction anywhere.

Timeshare sales pitches are unique due to the mountains of paperwork that the sales and closing personnel force you to sign without any chance of reading beforehand---it's all about the fake 'one day only' offer.

Lately, I've heard from consumers who find out that the developer opened one or more credit cards in the buyers' name without their knowledge or consent. Here's a link to a story that got media attention:

 https://www.newschannel5.com/news/newschannel-5-investigates/consumer-alert/couple-goes-to-wyndham-timeshare-meeting-unknowingly-gets-15k-line-of-credit

How does this happen and how can you protect yourself?

Before I get hammered with nasty comments, let me state for the record that the consumer bears some responsibility for this happening. Just as in all the cases I hear about 5, 6 or 7 hour long sales presentations where the consumer was denied food, etc. while these tactics are heinous, I have yet to understand why people don't just get up and leave.

In the case of finding out a credit card has been unwillingly opened, it's a bit easier to understand how it happens. There's just too much paperwork presented in too short of a period of time.

Some tips to protect yourself:

Don't hand over your Drivers License or credit card to anyone
Don't let anyone make copies of those
Don't sign or initial anything without reading it, or at least having an understanding of what the document is
Don't use a tablet or other electronic device to sign anything...insist on paper
Do not provide your Social Security Number
Do not provide any bank account information
Do not give permission to anyone to run your credit report
Do not provide your date of birth

Obviously, if you decide to purchase, some of that information will be required.

It’s imperative for you to maintain control during the entire process. If you don’t understand something, STOP and regroup. If you feel you’re being rushed, STOP and regroup. If signing feels wrong STOP and regroup. If you’re not getting straight answers, STOP and ask yourself if you want to continue. If portions of the paper you’re signing are kept hidden from you, STOP and do not proceed.

I don’t want to sound like an alarmist; most developers do not open credit cards in your name without you knowing. However, even one reported story generally means that there could be hundreds if not thousands of unreported incidents.